VCA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VCA
Largest movements
- Tangible fixed assets -€171,503
down €171,503 (-14.6%), from €1.2m to €1.0m
of which Plant, machinery and equipment: -€115,212
- Stocks and contracts -€27,520
down €27,520 (-100.0%), from €27,520 to €0
- Receivables within one year +€13,660
up €13,660 (+39.2%), from €34,823 to €48,483
of which Trade receivables: +€13,683
- Debts after one year -€122,097
down €122,097 (-12.5%), from €974,788 to €852,692
- Profit (loss) carried forward -€92,927
down €92,927 (-85.4%), from -€108,760 to -€201,687
- Other debts +€18,757
up €18,757 (+28.8%), from €65,041 to €83,798
- Gross operating margin -€12,575
down €12,575 (-9.2%), from €136,529 to €123,954
- Financial charges -€5,409
down €5,409 (-13.6%), from €39,847 to €34,439
- Depreciation +€4,210
up €4,210 (+2.5%), from €168,036 to €172,246
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,249,547 | €1,060,851 | -€188,696 | -15.1% |
| Fixed assets | 21/28 | €1,174,465 | €1,002,963 | -€171,503 | -14.6% |
| Tangible fixed assets | 22/27 | €1,173,668 | €1,002,165 | -€171,503 | -14.6% |
| Land and buildings | 22 | €418,749 | €395,478 | -€23,271 | -5.6% |
| Plant, machinery and equipment | 23 | €568,246 | €453,034 | -€115,212 | -20.3% |
| Furniture and vehicles | 24 | €186,673 | €153,653 | -€33,020 | -17.7% |
| Financial fixed assets | 28 | €797 | €797 | = | 0.0% |
| Current assets | 29/58 | €75,082 | €57,888 | -€17,193 | -22.9% |
| Stocks and contracts in progress | 3 | €27,520 | €0 | -€27,520 | -100.0% |
| Stocks | 30/36 | €27,520 | €0 | -€27,520 | -100.0% |
| Amounts receivable within one year | 40/41 | €34,823 | €48,483 | +€13,660 | +39.2% |
| Trade receivables | 40 | €34,488 | €48,171 | +€13,683 | +39.7% |
| Other amounts receivable | 41 | €335 | €312 | -€23 | -7.0% |
| Cash at bank and in hand | 54/58 | €56 | €0 | -€56 | -100.0% |
| Deferred charges and accrued income | 490/1 | €12,683 | €9,405 | -€3,277 | -25.8% |
| Total equity and liabilities | 10/49 | €1,249,547 | €1,060,851 | -€188,696 | -15.1% |
| Equity | 10/15 | €20,973 | -€71,954 | -€92,927 | |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €109,273 | €109,273 | = | 0.0% |
| Distributable reserves | 133 | €109,273 | €109,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,760 | -€201,687 | -€92,927 | -85.4% |
| Amounts payable | 17/49 | €1,228,574 | €1,132,805 | -€95,769 | -7.8% |
| Amounts payable after more than one year | 17 | €974,788 | €852,692 | -€122,097 | -12.5% |
| Financial debts | 170/4 | €974,788 | €852,692 | -€122,097 | -12.5% |
| Amounts payable within one year | 42/48 | €253,786 | €280,113 | +€26,327 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €122,097 | €127,714 | +€5,617 | +4.6% |
| Financial debts | 43 | €48,472 | €50,518 | +€2,046 | +4.2% |
| Credit institutions | 430/8 | €48,472 | €50,518 | +€2,046 | +4.2% |
| Trade debts | 44 | €3,703 | €10,778 | +€7,075 | +191.1% |
| Suppliers | 440/4 | €3,703 | €10,778 | +€7,075 | +191.1% |
| Taxes, remuneration and social security | 45 | €14,473 | €7,305 | -€7,168 | -49.5% |
| Taxes | 450/3 | €14,473 | €7,305 | -€7,168 | -49.5% |
| Other amounts payable | 47/48 | €65,041 | €83,798 | +€18,757 | +28.8% |
| Non-recurring operating income | 76A | €13,000 | €0 | -€13,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,036 | €172,246 | +€4,210 | +2.5% |
| Other operating charges | 640/8 | €9,048 | €10,008 | +€960 | +10.6% |
| Gross operating margin | 9900 | €136,529 | €123,954 | -€12,575 | -9.2% |
| Operating profit (loss) | 9901 | -€40,555 | -€58,300 | -€17,745 | -43.8% |
| Financial income | 75/76B | €2 | €0 | -€2 | -83.5% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -83.5% |
| Financial charges | 65/66B | €39,847 | €34,439 | -€5,409 | -13.6% |
| Recurring financial charges | 65 | €39,847 | €34,439 | -€5,409 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | -€80,400 | -€92,738 | -€12,338 | -15.3% |
| Income taxes | 67/77 | €251 | €188 | -€63 | -25.0% |
| Profit (loss) for the period | 9904 | -€80,651 | -€92,927 | -€12,276 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,651 | -€92,927 | -€12,276 | -15.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.